Transform Tomorrow - Aegon

All preferred shares exchanged for cash and common shares• Preferred shares with book value of EUR 2.1 billion to be exchanged at fair value of EUR 1.1 billion►After deduction of cash payment from Aegon of EUR 400 million and preferred dividend of EUR 83 million(over 2012 and 1H2013), the remaining EUR 655 million is converted* into common shares and common shares B• Current low interest rate drives valuation of preferred shares at 53% of book value►►Valuation of preferred shares determined by preferred dividend, which is based on ECB refinancing rateTransaction slightly EPS dilutive at current low level of ECB refinancing rate• Shareholders’ equity decreases by EUR 400 million, while common shareholders’ equityincreases by EUR 1.7 billion►Cash payment from Aegon reduces total shareholders’ equity by EUR 0.4 billionDevelopment of shareholders’ equity(EUR billion)• Preferred shares• Common shareholders’ equity24.7 (0.4) 24.32.122.6Shareholders' equityYE2012Cash paymentfrom AegonPro forma shareholders'equity YE201218* Based on the volume weighted average price of Aegon common shares on Euronext Amsterdam from February 15 up to, and including, February 28, 2013